1960 - 2000 Flashcards
What event in the 1970s impacted Mexico’s economy? How did Mexico react?
1974/5, discovered new oil reserves under the Gulf of Mexico, Presidents used oil as a windfall, spent a lot of money from oil reserves, started food/transport subsidies, kept salaries high in union memberships, used up the money from oil boom too quickly.
What event in the 1960s damaged US-Mexican relations?
1968, Massacre in Tlaleloko Square (“Three Cultures Square” - prior to Mexican olympics, student protest over money being spent, President thought they were ruining Mexico’s image, ordered police and army units to fire of protestors, snipers in buildings, 100 died. Created tension between US and Mexico and led to decreased support within Mexico for the longstanding PBI party.
What was the result of overspending during the oil boom?
1981 recession, one of the worst recessions since 1929, oil prices dropped, had been high prices since 1970s because of OPEC, lost money, up until 2000, government defaulted on their international loans, nationalises banks, gets loans from IMF etc.
How did the Mexican government react to the recession? How popular was this with the public?
Chose economists to be President to try and stabilise the country, privatisation, conservative/neo-liberal policies = very unpopular, growing unemployment, raising prices for food and oil, party used fraud in 1988 to get re-elected, growing disenchantment with government.
What was the NAFTA Agreement?
North American Free Trade Area, previously just US & Canada, Mexico joins in 1994.
How did Mexicans react to Mexico joining NAFTA?
Large revolts in Chiapas (close to the border with Guatemala), South Mexico, peasant revolts, people who never benefitted from Mexico’s economic booms, thought NAFTA would put them out of business, NAFTA generally lower tariffs over 10 years,, saw this in mid-20th century, knew they wouldn’t benefit, true, Mexico is no longer a major producer in corn. Protested, occupied several cities, ongoing protest but inactive militarily after 2-3 years.
